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Charitable Giving

The Pension Protection Act of 2006, passed by Congress and signed into law on August 17, 2006, allows individuals to transfer up to $100,000 per year directly from their individual retirement account (IRA) to a qualified charitable organization without including this amount in their income for federal income tax purposes.  This is referred to as an "IRA Charitable Rollover."  IRA Charitable Rollovers can only be made in 2006 and 2007, the donor must have attained 70 1/2 years of age as of the date the qualified charity receives the gift, the custodian of the IRA account must transfer the funds directly to the qualified charity, and the distribution can only be from an IRA or Roth IRA.  For additional information, please feel free to contact Charity McCarthy at (608) 257-4812.

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This page is intended to provide general information about various legal issues and developments.  It is not intended to be a complete list of all recent legal developments.  This page does not constitute legal advice and should not be relied upon in dealing with specific factual or legal matters.